Auditor’s report to the board of trustees of Dagmar and Václav Havel Foundation VIZE 97
Financial statements
On the basis of our audit, on 29 April 2008 we issued an auditor’s report on the foundation’s statutory financial statements, which are included in this annual report, and our report was as follows:
“We have audited the accompanying financial statements of Dagmar and Václav Havel Foundation VIZE 97, which comprise the balance sheet as of 31 December 2007 and the income statement for the year then ended, and the notes to these financial statements including a summary of significant accounting policies and other explanatory notes. Information about the company is set out in Note 1 to these financial statements.Board of trustees’ Responsibility for the Financial Statements
Board of trustees’ is responsible for the preparation and fair presentation of these financial statements of Dagmar and Václav Havel Foundation VIZE 97 in accordance with Czech accounting legislation. This responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Act on Auditors and International Standards on Auditing and the relevant guidance of the Chamber of Auditors of the Czech Republic. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly in all material respects the assets, liabilities and the financial position of Dagmar and Václav Havel Foundation VIZE 97 as of 31 December 2007, and its expenses, revenues and financial performance for the year then ended in accordance with Czech accounting legislation.”
Annual report
We have audited the consistency of the annual report with the audited financial statements. This annual report is the responsibility of foundation’s board of trustees. Our responsibility is to express our opinion on the consistency of the annual report with the audited financial statements based on our audit.
We conducted our audit in accordance with the Act on Auditors and International Standards on Auditing and the relevant guidance of the Chamber of Auditors of the Czech Republic. Those standards require that we plan and perform the audit to obtain reasonable assurance that the information disclosed in the annual report describing matters that all also presented in the financial statements is, in all material respects, consistent with the audited financial statements. We believe that our audit provides a reasonable basis for the auditor’s opinion.
In our opinion, the information disclosed in the annual report is, in all material respects, consistent with the audited financial statements.
V Praze, dne 6. června 2008
KPMG Česká republika Audit, s.r.o
Licence number 71
Ing. František Dostálek
Partner
Licence number 176
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